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20 Feb 2014
Commodities: Chinese concerns hit WTI, gold prices supported
FXStreet (London) - Crude prices have declined from their four-month highs following weaker-than-expected Chinese manufacturing data hitting demand expectations.
Crude declines
Chinese February HSBC/Markit manufacturing PMI came in at 48.3 against consensus expectations of 49.5. The latest reading of the index following the January print of 49.6 indicates Chinese manufacturing is falling further into contraction.
The weak numbers suggested that WTI may be overbought, having climbed 3 percent this week on demand driven by below-normal US weather conditions and declining Cushing inventories. March WTI contracts hit a high of USD103.31/barrel yesterday. However the Chinese numbers have knocked o.13 percent off the price today, with March contracts trading at USD103.18/barrel.
Natural gas holds highs
Natural gas continues to hold near a five-year high on increased demand and dwindling stockpiles. Forecasts of continued below-normal US temperatures and poor weather into Marched pushed up prices which surged 11 percent yesterday.
A US Department of Energy report to be released at 15:30 GMT today is expected to show another large drop in inventories, with consensus expectations of a decline of 257bn cubic feet in the week ended 14 February.
Gold remains bullish on haven demand
Gold has added to its run of strength in place since the beginning of 2014, with the further weak Chinese economic indicators adding to fears over a protracted slowdown.
Spot gold is currently pricing at USD1,313.65/oz, up 0.16 percent on the session so far after highs of USD1,315.75/oz.
The precious metal lost 28 percent through 2013, it’s biggest decline since 1982. However, emerging market volatility as well as concerns over global growth and declining equity markets have returned investor demand as a store of value.
Crude declines
Chinese February HSBC/Markit manufacturing PMI came in at 48.3 against consensus expectations of 49.5. The latest reading of the index following the January print of 49.6 indicates Chinese manufacturing is falling further into contraction.
The weak numbers suggested that WTI may be overbought, having climbed 3 percent this week on demand driven by below-normal US weather conditions and declining Cushing inventories. March WTI contracts hit a high of USD103.31/barrel yesterday. However the Chinese numbers have knocked o.13 percent off the price today, with March contracts trading at USD103.18/barrel.
Natural gas holds highs
Natural gas continues to hold near a five-year high on increased demand and dwindling stockpiles. Forecasts of continued below-normal US temperatures and poor weather into Marched pushed up prices which surged 11 percent yesterday.
A US Department of Energy report to be released at 15:30 GMT today is expected to show another large drop in inventories, with consensus expectations of a decline of 257bn cubic feet in the week ended 14 February.
Gold remains bullish on haven demand
Gold has added to its run of strength in place since the beginning of 2014, with the further weak Chinese economic indicators adding to fears over a protracted slowdown.
Spot gold is currently pricing at USD1,313.65/oz, up 0.16 percent on the session so far after highs of USD1,315.75/oz.
The precious metal lost 28 percent through 2013, it’s biggest decline since 1982. However, emerging market volatility as well as concerns over global growth and declining equity markets have returned investor demand as a store of value.